Did you know that August is National Make-A-Will Month? Although most Americans recognize the importance of estate planning, it is estimated that 50-60 percent do not have a will. If you do not yet have an estate plan, now is the time to act! Remember that even if you set up a revocable trust as part of your estate plan, you still need a will.
Why is it Important?
The entertainer known as Prince, or the Artist formerly known as Prince, died at the age of 57. Since he did not establish an estate plan before he passed, there was no decision or designation as to how is fortune should be divided. Prince’s estate is still tied up in legal battles five years later! Not having a will can lead to family disputes, costly litigation and legal fees. Having your final documents in order before it’s too late is an expression of love and compassion for your family and friends. Don’t we keep reminding you to ‘Plan Now for Peace of Mind Tomorrow’?
Think Estate Planning is Only for the Wealthy?
A person’s wealth or assets will determine how detailed their estate plans may need to be, but everyone should have a plan in place. From selecting guardians for your children or who will act as the executor of your will, to who will inherit your most treasured items, a will is an important document that stipulates your desires upon your passing. Without it, your preferences are unknown and may not play out the way that you’d want them to. Think of a will like a genie in a bottle, making sure your wishes come true.
Most people cite not having time, not wanting to think about it, or simply not getting around to it as reason for not having a will. With this month being National Make-A-Will Month, there is no better time to act than now.
If you already have a will – congratulations! You are better prepared than more than half of Americans. While estate plans never expire, we know that life happens – births, marriages, deaths, and other important family changes. Everyone should review their will annually and make necessary revisions. This is also why a will isn’t just for someone who is older. Newlyweds, new parents, divorcees, etc. will all want to consider having a will or revising their existing will.
If you would like to set up an estate plan, please give Hampton Law a call at 239.309.0090 to schedule an initial consultation.